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Japan
Japan has a universal public pension system. Social security spending is a key fiscal policy challenge in Japan. The 2004 pension reforms have increased the ratio of the government subsidy to the basic pension benefit. Three reform measures are necessary to improve pension finances: an increase in pension eligibility age, a reduction in the pension benefit, and an increase in contributions. Eliminating the preferential tax treatments of pension income and collecting pension contributions from dependent spouses could contribute to fiscal savings.
Rebalancing in Japan
Boosting growth through rebalancing is critical for addressing pressures from Japan’s aging population. This paper focuses on one important untapped source of growth - private consumption, and argues that the key to reviving consumption is boosting household disposable income through higher wages, especially in services, and higher property income. The paper also suggests that the impact of higher property income on consumption could be potentially large.
Supporting Sustainable Financing and Access to Finance in Armenia
In Armenia, both external and domestic financing face challenges. Armenia’s share of inward foreign direct investment (FDI) in private external financing has declined significantly over the past decade. Access to domestic finance in Armenia is also moderate and masks important disparities. Against this background, this paper analyses the determinants of inward FDI and examines the impediments to increasing access to domestic finance. The paper confirms empirically that governance-related structural factors have a significant impact on inward FDI. Similar structural factors, informality and poor accounting practices are reported among major challenges for increasing access to finance for firms in Armenia. This paper finds that to improve financing in Armenia include: implementing structural reforms to improve the business environment, maintaining prudent macroeconomic policies, strengthening financial reporting, and improving financial inclusion through reduced informality in the economy.
Disintegrative Tendencies in Global Political Economy
Whether we talk about human learning and unlearning, securitization, or political economy, the forces and mechanisms generating both globalization and disintegration are causally efficacious across the world. Thus, the processes that led to the victory of the ‘Leave’ campaign in the June 2016 referendum on UK European Union membership are not simply confined to the United Kingdom, or even Europe. Similarly, conflict in Ukraine and the presidency of Donald Trump hold implications for a stage much wider than EU-Russia or the United States alone. Patomäki explores the world-historical mechanisms and processes that have created the conditions for the world’s current predicaments and, argu...
Law and Macroeconomics
A distinguished Yale economist and legal scholar’s argument that law, of all things, has the potential to rescue us from the next economic crisis. After the economic crisis of 2008, private-sector spending took nearly a decade to recover. Yair Listokin thinks we can respond more quickly to the next meltdown by reviving and refashioning a policy approach whose proven success is too rarely acknowledged. Harking back to New Deal regulatory agencies, Listokin proposes that we take seriously law’s ability to function as a macroeconomic tool, capable of stimulating demand when needed and relieving demand when it threatens to overheat economies. Listokin makes his case by looking at both positi...
Regional Economic Outlook, May 2009, Asia and Pacific
Asia has been hard hit by the global financial crisis. Despite strong fundamentals, its pervasive linkages to the rest of the world have exposed it to the collapse of demand and credit in advanced countries. Exports and industrial production have fallen sharply, capital has started to flow out of the region, and leading indicators suggest further weakness ahead. Against this background, the May 2009 APD REO will discuss the latest developments in Asia, examine the prospects for the period ahead, and consider the policy steps needed to revive economic activity and restore corporate and financial sector health.
Macroeconomic Developments and Prospects For Low-Income Countries—2024
The outlook for Low-Income Countries (LICs) is gradually improving, but they face persistent macroeconomic vulnerabilities, including liquidity challenges due to high debt service. There is significant heterogeneity among LICs: the poorest and most fragile countries have faced deep scarring from the pandemic, while those with diversified economies and Frontier Markets are faring better. Achieving inclusive growth and building resilience are essential for LICs to converge with more advanced economies and meet the Sustainable Development Goals (SDGs). Building resilience will also be critical in the context of a more shock-prone world. This requires both decisive domestic actions, including expanding and better targeting Social Safety Nets (SSNs), and substantial external support, including adequate financing, policy advice, capacity development and, where needed, debt relief. The Fund is further stepping up its support through targeted policy advice, capacity building, and financing.
Kiribati
This Selected Issues paper focuses on recent developments with Kiribati’s Revenue Equalization Reserve Fund (RERF). The paper also examines fiscal aspects of climate change, and considers options for improving fishing license fees, which remain an important source of revenue. It also analyzes recent developments and the outlook for remittances to Kiribati, which is another important source of external revenue and brings important economic benefits, such as reducing poverty and stabilizing national income.
Public Investment as a Fiscal Stimulus
How effective was public investment in stimulating the Japanese economy during the economic stagnation of the 1990s? Using a dataset of regional public investment spending, we find that investment multipliers were higher than for public consumption, although they were relatively low and declining over time. The paper also finds that the effectiveness of economic infrastructure investment, implemented mainly by the central government, is lower than that of social investment mostly undertaken by local governments. These results suggest that while public investment may yield higher output effects than other spending, its effectiveness depends upon its composition, the level of government implementation, and supply side factors.
Japan
On March 11, 2011, a 9.0 earthquake off Japan’s northeast coast triggered a tsunami that killed more than 20,000 people, displaced 600,000, and caused billions of dollars in damage as well as a nuclear meltdown of three reactors at the Fukushima Daiichi nuclear plant. Japan, the world’s third largest economy, was already grappling with recovery from both its own economic recession of the 1990s and the global recession following the US-driven financial crisis of 2008 when the disaster hit, changing its fortunes yet again. This small, populous Asian nation—once thought to be a contender for the role of the world’s number one power—now faces a world of uncertainty. Japan’s economy h...
